Mercury Interactive gets consents for limited waiver for convertibles

By Jennifer Chiou

New York, Oct. 19 - Mercury Interactive Corp. said it received the required consents for limited waivers on its $300 million of 4.75% convertible subordinated notes due 2007 and $500 million of zero-coupon senior convertible notes due 2008.

Mercury requested a limited waiver until March 31, 2006 of any default or event of default due to its failure to file required reports with the Securities and Exchange Commission.

By the time the solicitation expired at 5 p.m. ET on Oct. 25, the company said it received consents from holders of 94% of its 4.75% convertibles and 93% of its zero-coupon convertibles.

On Oct. 19, the company amended the solicitation, improving the consent fee to $25.00 from $15.00 for each $1,000 principal amount of 4.75% convertibles and $75.00 for each $1,000 principal amount of zero-coupon convertibles to holders of record as of Oct. 7. For the zero-coupon convertibles, Mercury added a put option, under which the company will be required to repurchase the notes on Nov. 30, 2006 at 107.25%.

The solicitation expiration had been extended from 5 p.m. ET on Oct. 18.

MacKenzie Partners, Inc. is the tabulation agent (call collect 212 929-5500 or 800 322-2885).

Based in Mountain View, Calif., Mercury provides software and services for information technology governance, application delivery and application management.

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